A bullish path is very strong on the GBP/USD daily chart because the pair is looking to rise until the resistance zone of 1.5745. We could expect some kind of sideways consolidation above the 200 SMA in this time frame as the pair is trading in favor of the overall trend. The MACD indicator is already supporting the current bullish bias.
On the H1 chart, GBP/USD is
already trading with a bullish pattern formation in progress as the
pair is looking to reach new highs after a possible breakout at the
resistance level of 1.5706 in the short term. Currently, we can observe some fractals in the current short-term bullish structure,
which is already calling for more upside move.
resistance levels: 1.5745 / 1.5907
support levels: 1.5543 / 1.5371
H1 chart’s resistance
levels: 1.5706 / 1.5794
H1 chart’s support levels:
1.5597 / 1.5533
Trading recommendations for today: Based on the H1 chart,
place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5706, take profit is at
1.5794, and stop loss is at 1.5617.
The material has been provided by InstaForex Company – www.instaforex.com